Axis Securities‘ has shared its latest recommendations across a basket of stocks. It has named 23 stocks in its ‘High Growth and Quality at Reasonable Price’ basket and 24 in its ‘Value Ideas basket’, with several names common to both.
Axis Securities: The 23 socks in the high growth basket
The High Growth and Quality at Reasonable Price basket has been running since June 15, 2020, and has compounded at 24.84% annually since then. The BSE 500 Total Returns Index returned 20.67% over the same period. That 417 basis point gap has been built over nearly six years of stock picking, and the April 30, 2026 list reflects where Axis Securities is placing its bets today.
The basket holds Bharti Airtel and Indus Towers in Telecom, UltraTech Cement in Cement, ICICI Bank, Bajaj Finance, Federal Bank, HDFC Bank and IDFC First Bank in Financials, The Indian Hotels Company in Hotel, CIE Automotive India, Sansera Engineering and Minda Corporation in Automobiles, Larsen and Toubro, Elecon Engineering Company, Cera Sanitaryware and Kesoram Industries in Industrial, Affle 3i and Coforge in Information Technology, LG Electronics India, Jubilant FoodWorks and Trent in Consumer, and Acutaas Chemicals and Rainbow Children’s Medicare in Healthcare.
Financials dominate the basket at nearly 20% of allocation, followed by Telecom at 14.6% and Automobiles at 13.1%. Healthcare and Cement together account for another 21%. Bharti Airtel, Ultratech Cement, ICICI Bank, Larsen and Toubro, Indus Towers, Bajaj Finance, HDFC Bank, Trent and Coforge have been on this list continuously since at least December 2025. Gillette India and Bank of Baroda, which featured in earlier editions, have been rotated out this time.
Axis Securities: The 24 stocks in the Value Basket
The Value Ideas basket has done even better since its June 15, 2020 launch, compounding at 29.46% annually against the BSE 500 Total Returns Index’s 20.67%, an outperformance of 879 basis points since inception. Axis Securities describes this strategy as one that looks for stocks “available at discount valuations or have fallen prey of unexpected events that would have temporary impact on earnings,” with a stronger emphasis on entry price than target price.
The April 30 Value basket holds Indus Towers in Telecom, Mahindra and Mahindra, Endurance Technologies, CIE Automotive India and Balkrishna Industries in Automobiles, Kotak Mahindra Bank, ICICI Bank and Jio Financial Services in Financials, Ultratech Cement and Ambuja Cements in Cement, Larsen and Toubro, Adani Ports and Special Economic Zone and Kalpataru Projects International in Industrials, Lupin, Wockhardt and Max Healthcare Institute in Healthcare, JSW Energy and Suzlon Energy in Utilities, KPR Mill, Nestle India, Eternal, Avenue Supermarts, KDDL and Varun Beverages in Consumer.
Automobiles lead sector allocation at 21.4%, with Consumer close behind at 19.8%. Industrials at 13.1% and Financials at 12.2% round out the top four. Mahindra and Mahindra, Indus Towers, Kotak Mahindra Bank, Lupin, Wockhardt, Balkrishna Industries and KPR Mill have appeared on this list across every revision since at least July 2025. Endurance Technologies is a fresh addition in the April 30 update, while Persistent Systems, which was on the April 17, 2026 list, does not feature this time.
JSW Energy and Adani Ports have been consistent value picks across multiple revisions through financial year 2026, both benefiting from the brokerage’s view that India is at the bottom of a cyclical downturn. Axis Securities states in their report that “in the light of recent global events like the United States-China trade war, United States slapping tariffs on many countries including India, rise in commodity prices, India has emerged as one of the least impacted economy, setting stage for faster recovery.”
Stocks that Axis Securities backs in both baskets
Six stocks appear in both the High Growth and Value baskets simultaneously as of April 30, 2026. They are CIE Automotive India, ICICI Bank, Ultratech Cement, Larsen and Toubro, Indus Towers and Sansera Engineering. The double appearance signals that Axis Securities views these names as compelling from both a growth quality and a valuation standpoint at current prices.
How the numbers stack up
The High Growth basket trades at a price to earnings multiple of 26.7 times against the BSE 500 Total Returns Index 25 times, with a price to book of 4.2 times against 3.5 times and a return on equity of 15.7% against 15%. The Value basket trades at 27.6 times earnings against 25 times, price to book of 3.7 times against 3.5 times, but return on equity of 13.3% trails the index’s 15%, reflecting the nature of beaten-down or out-of-favour names that the strategy deliberately targets.
On risk metrics, the High Growth basket runs a beta of 0.9, meaning it moves slightly less than the broader market, with a Sharpe Ratio of 1.2 against 0.9 for the index. The Value basket carries a higher beta of 1.1, reflecting the more volatile nature of contrarian picks, but its Sharpe Ratio also stands at 1.2. Both baskets have a maximum drawdown of minus 17.1%, better than the index’s minus 18.7%, and the Value basket’s alpha of 8.8% is more than double the High Growth basket’s 4.2%, per Axis Securities data as of April 30.
Over the last one month, both baskets lagged the index slightly, with High Growth returning 9.29% and Value returning 9.94% against the BSE 500 Total Returns Index’s 10.38%. Over three years, though, the gap widens considerably. The High Growth basket compounded at 16.40% annually and the Value basket at 22.28%, both well ahead of the index’s 14.94% over the same period, per Axis Securities.
One stock Axis Securities recommends booking partial profit
Acutaas Chemicalshad what most companies would consider a dream quarter. Record margins in the fourth quarter of financial year 2026, strong revenue, operating leverage firing on all cylinders and management guiding for 25% revenue growth in financial year 2027. By most accounts, the business is doing well. Yet Axis Securities is telling clients to book partial profits.
The reason is straightforward. The stock has already re-rated sharply. Axis Securities notes in their report that “much of the near-term growth optimism and earnings upgrades appear to be already factored into valuations, leaving limited room for further upside surprises.” The brokerage also points out that management’s own guidance signals a slowdown, with FY27 growth expected to be materially lower than what FY26 delivered.
What goes into picking these stocks
Axis Securities does not start with a stock idea. It starts with a filter. Every candidate goes through a forensic accounting check that looks at promoter pledging history, corporate governance, cash flow from operations relative to EBITDA, contingent liabilities as a percentage of net worth, capital work in progress a and provisioning.
The Manpasand Beverages case study in the brokerage’s own report illustrates the point. The stock had earnings growth of 50% in financial year 2015, 66.6% in FY16 and 46% in FY17, yet Axis Securities avoided it because it failed their forensic filter. The stock eventually corrected 95%.
After forensic clearance, stocks are evaluated on a qualitative framework the brokerage calls MACROS, covering market share, competitive advantage, cash flows, return ratios, opportunity size and sustainability. Only after both filters are cleared does a name make it onto either basket.
Axis Securities states in their report: “Screening helps in separating voice from noise in the market.”
The research team at Axis Securities, a 100% subsidiary of Axis Bank, is headed by a Head of Research and supported by more than 25 analysts, as per the firm.
Disclaimer: This report contains specific investment insights and stock mentions based on data from Axis Securities. Please note that the information provided is for educational and informational purposes only and does not constitute a formal recommendation or solicitation to buy, sell, or hold any specific securities.
Investment in the equity market involves high risk, including the potential loss of principal. The “High Growth” and “Value” baskets mentioned involve different risk-reward profiles; value investing, in particular, often involves contrarian picks that may experience higher volatility. Specifically, the mention of Acutaas Chemicals regarding a partial exit is based on valuation assessments that may change with market conditions.
Before making any investment decisions, you should conduct your own research and consider your financial goals and risk tolerance. We strongly recommend consulting with a SEBI-registered investment advisor or a qualified financial professional to ensure any action taken is suitable for your individual circumstances. Past performance of these baskets is not a guarantee of future results.
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